ByteFunding

The SEC created its own scammy ICO to teach investors a lesson

In its latest effort to fend off cryptocurrency scams, the Securities and Exchange Commission launched its own fake initial coin offering website today called the Howey Coin to warn people against fraudulent cryptocurrencies. The name is a tongue-in-cheek reference to the Howey Test that the SEC uses to determine whether an investment is a security, which the Commission would therefore have legal jurisdiction over.

The SEC set up a fake ICO website that takes people to an informational page about the dangers of shitcoins when you hit the “buy coins now” button. Nothing like teaching people by owning them. pic.twitter.com/iQsm1SPrQV